US STOCKS-Futures flat, credit downgrade for Ireland

* Moody's downgrades Ireland by five notches

* U.S. House passes Obama tax deal

* Futures down: S&P 0.2 pt, Dow 11 pts, Nasdaq 0.75 pt

* For up-to-the-minute market news see [STXNEWS/US] (Adds quote, updates prices)

By Angela Moon

NEW YORK, Dec 17 (Reuters) - U.S. stock index futures were little changed on Friday as wary investors kept their eyes on the euro zone debt crisis after Ireland's credit rating was slashed.

European Union leaders agreed to create a permanent financial safety net starting in 2013, and the European Central Bank will nearly double its capital to cope with bigger credit risk. For details, see [ID:nLDE6BF2A3]

European bank stocks were hit hard after Moody's slashed Ireland's credit rating by five notches. [ID:nLDE6BG0EG]

U.S.-listed shares of Allied Irish Bank fell 4.6 percent to $1.24 in premarket trade, while Barclays also fell 2.1 percent to $16.25.

"We are headed for a sluggish open because of European woes ... but since this isn't something we weren't expecting, I don't see the market selling off much," said Peter Cardillo, chief market economist at Avalon Partners in New York.

S&P 500 futures were down 0.2 point and below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 11 points, while Nasdaq 100 futures lost 0.75 point.

U.S. stocks, bucking a trend of late-day selloffs, ended higher Thursday as economic bellwether FedEx Corp offered a bullish profit outlook that augured well for broad growth.

Market volume and volatility could increase later in the day as traders adjust or exercise derivative positions on four different types of expiring equity futures and options contracts, also know as "quadruple witching."

The U.S. House of Representatives approved a compromise deal between President Barack Obama and Republicans late Thursday to extend expiring tax cuts -- a high-stakes gamble to create jobs at a cost of deepening the U.S. debt. Congress was racing to enact the legislation as it faced an end-of-year deadline when the Bush-era tax cuts were set to expire. [ID:nLDE6BG0EH]

The Conference Board releases its report on November leading economic indicators at 10:00 a.m. EST (1500 GMT). Economists in a Reuters survey forecast a 1.1 percent rise, compared with a 0.5 percent increase in the prior month.

Ford Motor Co intends to raise its 30 percent stake in Jiangling Motors Corp <000550.SZ>, a major Chinese light commercial vehicle maker, a source said. [ID:nTOE6BG03M]

Blackstone Group LP agreed to restructure about $7 billion of the remaining debt tied to its 2007 purchase of Equity Office Properties Trust, the largest leveraged buyout ever, the Wall Street Journal reported. [ID:nN16268333]

Oracle Corp forecast current-quarter profit will beat estimates as it reported that new software sales surged. Oracle rose 4.4 percent to $31.60 premarket. [ID:nN16257524]

(Reporting by Angela Moon; editing by Jeffrey Benkoe)